Power Finance Corporation Limited (PFC) has announced the successful transfer of Kurnool IV REZ Power Transmission Limited, a wholly owned subsidiary of PFC Consulting Limited, to Resonia Limited (formerly known as Sterlite Grid 32 Limited) following its selection as the successful bidder.
The transfer was completed on May 29, 2026, as part of the development of the “Transmission System for Kurnool-IV Renewable Energy Zone (REZ) – Phase-II (3 GW)” project. PFC disclosed the transaction through a regulatory filing submitted to the stock exchanges.
According to the company, the special purpose vehicle (SPV) was transferred to Resonia Limited for a consideration of ₹20.94 crore (₹20,93,72,682), in accordance with the Share Purchase Agreement executed between the parties.
PFC stated that Kurnool IV REZ Power Transmission Limited was established specifically for the implementation of the transmission infrastructure associated with the Kurnool-IV REZ Phase-II project. The contribution of the SPV to PFC’s turnover, revenue, income, and net worth during the last financial year was reported as negligible.
The company further clarified that Resonia Limited does not belong to the promoter or promoter group of PFC and that the transaction does not qualify as a related-party transaction.
Additionally, PFC noted that the sale and transfer of the SPV are not in the nature of a slump sale. The consideration for the transfer was determined in accordance with the guidelines issued by the Ministry of Power, Government of India, from time to time.
The transaction was executed through PFC Consulting Limited, a wholly owned subsidiary of PFC, which is responsible for facilitating competitive bidding processes for transmission projects under the tariff-based competitive bidding framework.
